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Sonic Automotive

From Alfawiki
Sonic Automotive, Inc.
Company typePublic
IndustryAutomotive retail
FoundedNovember 1997; 29 years ago (1997-11)
FounderO Bruton Smith
Headquarters
Charlotte, North Carolina
,
United States
Area served
24 states in the United States
Key people
O Bruton Smith (Founder)
ProductsNew and pre-owned vehicles, vehicle parts, maintenance services, collision repair solutions
Number of employees
Several hundred (at founding)
Websitewww.sonicautomotive.com


Sonic Automotive, Inc. ranks as the fifth largest automotive retailer across the United States by total revenue and is included in the Fortune 500 list. Headquartered in Charlotte, North Carolina, the company was established by O Bruton Smith and went public on the New York Stock Exchange in 1997.

With operations spanning 24 states, Sonic Automotive manages over 100 dealerships that offer more than 25 automobile brands. These dealerships provide new and pre-owned vehicles, vehicle parts, maintenance services, and collision repair solutions.

History

Founded as a public entity in November 1997 by O Bruton Smith, Sonic Automotive initially comprised 20 locations representing 15 different brands and employed several hundred individuals. The Smith family maintains ownership of over 30% of outstanding shares but controls upwards of 80% of voting rights due to a dual-class stock structure featuring Super-voting stock.

In the 2022 Fortune 500 rankings, Sonic Automotive was positioned at number 300. Additionally, the company is listed within the Russell 2000 Index.

EchoPark Automotive

EchoPark Automotive, a used vehicle dealership network headquartered in Charlotte, is owned by Sonic Automotive. This chain features mobile devices throughout its stores, enabling customers to compare prices from rival dealers directly.[1]

The inaugural EchoPark store launched in 2014 in the Thornton area near Denver, Colorado. Subsequent expansions included locations in Centennial and Colorado Springs. In September 2017, EchoPark acquired driversselect, a dealership based near Dallas, Texas, which was integrated into the EchoPark brand. As of September 2021, EchoPark Automotive operates more than 40 outlets across 21 states nationwide.[2]

EchoPark's facilities are designed utilizing eco-friendly construction methods, with several sites achieving LEED certification.[3]

Sales and acquisitions

Sonic Automotive entered the Oklahoma City market in 2001 by acquiring Boyd Chevrolet and Steve Bailey Honda dealerships.[4]

The purchase of Don Massey Dealerships, a Michigan-based group with sixteen locations, occurred in 2002. This acquisition expanded Sonic’s total to 134 dealerships, positioning it as the second-largest automotive retailer at that time. Additionally, it increased Sonic’s portfolio to include 23 Cadillac dealerships, which accounted for approximately 5-7% of Cadillac's overall revenue.[5]

In July 2003, Sonic agreed to acquire eighteen dealerships, including Houston's Momentum Automotive Group. Prior to this deal, Sonic’s presence in Houston primarily involved domestic brands; the acquisition introduced BMW, Jaguar Land Rover, and Audi franchises to its lineup. This transaction also marked the first time a retail automotive group directly acquired Saturn franchises with two Bay Area Saturn stores.[6]

In January 2007, Sonic expanded further by purchasing two dealerships from PPE Houston, adding Land Rover and Jaguar locations to its portfolio. This acquisition brought Sonic’s total franchises to 173 and included 37 collision repair centers.[7]

During the Great Recession, Sonic paused its acquisition activities but resumed them in 2013 to foster growth.[8]

In late 2014, Sonic executed a dealership exchange with Denver-based John Elway Automotive Group: trading a Don Massey Cadillac site in Lone Tree for John Elway’s Chevrolet dealership and its adjacent land. This swap enabled Sonic to secure a high-performing Chevrolet franchise and acquire property for constructing a new BMW dealership under the Murray Imports brand.[9][10]

The acquisition of four AutoMatch USA used car dealerships in Florida and Georgia took place in 2016. These outlets were subsequently rebranded as part of the EchoPark network.[11]

In October 2017, Sonic divested its Capitol Chevrolet & Hyundai franchises located in Columbia, South Carolina to Stivers Automotive Group.

Sonic sold its Lone Star Ford dealership in Houston, Texas to Doggett Auto Group in May 2018. The dealership was renamed Doggett Ford and relocated to a new facility adjacent to Doggett’s John Deere equipment business.[12][13]

In February 2019, two dealerships were sold to Graham Holdings. The Lexus store in Rockville was renamed Ourisman Lexus of Rockville following a partnership with Chris Ourisman of Ourisman Auto Group for management duties. Meanwhile, the Honda dealership in Vienna was rebranded as Ourisman Honda of Tysons Corner.[14]

December 2021 saw Sonic acquire RFJ Auto Partners, a leading dealership group generating about $3.2 billion annually and operating 33 locations across six states.[15]

Throughout 2022, Sonic added two franchises: Sun Chevrolet in Chittenango, New York joined in January,[16] followed by Audi Owings Mills in Maryland acquired in August.[17]

In February 2023, Sonic expanded into motorcycle retail by acquiring Black Hills Harley-Davidson located in Rapid City, South Dakota—the site of the Sturgis Motorcycle Rally.[18] The Audi dealership in New Orleans became part of Sonic’s portfolio in December 2024.[19]

References

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  18. ↑ https://ir.sonicautomotive.com/news-events/press-releases/detail/301/sonic-automotive-announces-acquisition-of-black-hills
  19. ↑ https://ir.sonicautomotive.com/news-events/press-releases/detail/324/sonic-automotive-announces-acquisition-of-audi-new-orleans

External links

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